IKN

This is what they wrote:

TORONTO, ONTARIO--(Marketwire – July 7, 2010) – Carpathian Gold Inc. (TSX:CPN – News; the “Corporation” or “Carpathian”) wishes to provide a progress update on its wholly owned Riacho dos Machados (“RDM”) Gold Project located in the state of Minas Gerais, Brazil and on the Rovina Valley Project (“RVP”), located in west-central, Romania.

RDM Gold Project, Brazil

A Feasibility Study (“FS”) is nearing completion and is following the guidelines of the NI 43-101 Preliminary Economic Assessment (“PEA”) that was announced on August 12, 2009. The FS will be released within the upcoming weeks. The updated resource estimate, reserve estimate, engineering studies, and permitting activities are all advancing in parallel with key progress points highlighted below.

--  Resources/Reserves and Geotechnical: An updated NI 43-101 compliant
  resource estimate to be used for the FS is near completion. Five drill
  rigs are presently on site, including 3 diamond drill rigs for ore
  definition and 2 geotechnical rigs. Following the ore definition
  drilling, the diamond drill rigs will be utilized for testing strike
  extensions and new exploration targets. A minimum of 6,000 m of ore
  definition and exploration drilling is planned for the present program
  and this follows the 32,000 m of drilling that has been completed to
  date on the RDM gold project.

--  Engineering/Metallurgy: All capital costs, operating costs,
  infrastructure, layout design and mining plans required for the FS are
  essentially complete with optimization work underway integrating the
  various studies to enhance the robust economics of the project. Recent
  metallurgical test work results support the earlier work performed for
  the PEA of 90% or better gold recovery. Indications from the ongoing FS
  support the PEA study results of low cost, near-term +100,000 oz per
  year gold production.

--  Permitting: As previously announced (April 14, 2010), the Corporation
  has already been granted the critical path time line license, the
  Licenca Previa ("LP") that allows the earthworks in the mine, water
  retention and tailing dams to be constructed. All technical
  documentation required for the Licenca Instalacao ("LI") that will allow
  construction to begin on the Project, has been compiled and will be
  submitted by mid-July to the state environmental agency, SUPRAM, for
  their review and approval. As previously announced on June 21, 2010, all
  surface lands required for the life-of-mine footprint for the open pit
  mining operation have now been acquired.

--  Project Financing: The project is well financed at this stage as a
  result of the Macquarie Bank Limited US$30 Million gold sale and
  purchase agreement that closed on May 21, 2010. Management is evaluating
  non-equity project finance options and is in continuous discussions with
  various financial institutions, with the aim of obtaining additional
  project financing upon completion of the FS.

Rovina Valley Project, Romania

Following the release of the positive PEA study (announced March 23, 2010), the Corporation embarked on a deep drilling program on one of its three gold-rich copper porphyries, the Ciresata porphyry. The PEA study indicated a long life project of 19 years, producing approximately 200,000 oz of gold and 50 million pounds of copper annually.

--  The results of the first deep drill hole (RDG-16) on the Ciresata
  Porphyry were released on May 11, 2010 and included 668 m at 0.70 g/t Au
  and 0.15% Cu and includes 208 m at 1.13 g/t Au and 0.19% Cu. This drill
  hole verified the geologic model in its upper part serving as an in-fill
  hole and more importantly has extended the Au-Cu mineralization
  approximately 300 m below the present resource estimate that was
  utilized in the PEA study.

--  Deep drilling has resumed on the Ciresata porphyry to evaluate
  mineralization depth extensions below the present resource estimate.
  This program will eventually be expanded to evaluate known mineralized
  targets lateral to the deposit.

--  The Corporation is continuing with its long lead EIA and SIA work,
  including its proactive local stakeholder engagement programs. These
  programs includes interactive local community hall public meetings and
  partnership programs with local NGO's (with European Union funding) and
  community leaders to implement community-based projects. The Rovina
  Valley Project has no legacy mining issues and the proposed mine site
  footprint developed from the PEA does not include any known protected
  heritage sites or archaeological occurrences.

--  As previously announced, a consortium of State-recognized independent
  consulting groups have been retained for the purpose of preparing a
  technical report to convert the Rovina Exploration License into a Mining
  License as per the norms of the National Agency of Mineral Resources
  ("NAMR"). This report includes preliminary evaluations of environmental
  factors, risk factors and economic benefits as well as defined
  resources/reserves along with mining and processing, all to be reviewed
  and approved by the NAMR for Mining License designation. The work
  program for this study and the report are progressing on schedule for
  the submittal of this document to the NAMR in Q4 2010.

Mr. Titaro, P. Geo., is the qualified person (as defined in National Instrument 43-101) responsible for preparing the information, including technical information, contained in this news release.

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